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World's largest maker of copper-clad laminate (CCL), the core material used to manufacture printed circuit boards.
World's largest maker of copper-clad laminate (CCL), the core material used to manufacture printed circuit boards.
Sells laminate, the glass-cloth, resin and copper-foil sheet that printed circuit boards are etched from, in volume to board makers, with prices tracking copper and resin costs. Mainstream grades are priced competitively, while specialised high-speed grades for AI servers and networking need customer qualification and are the growth area.
In one line: China's much larger analogue to US laminate maker Isola.
Moat: narrow (scale, process know-how). Largest CCL production scale globally and material-science know-how in high-speed laminates, in a still price-competitive industry.
Headquarters: Dongguan, China · Founded: 1985 · Employees: 14,523
Size Shengyi Technology (600183.SS) is a China Industrials company (Electrical Products) with a market value of $25.7B, the 71st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥70.49 on 6 Nov 2026.
Performance Over six months the shares fell 7.9%, against -27.0% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 56.2% over the last twelve months (peer median +18.8%); the operating margin is 22.2% (peer median 11.0%).
Valuation It trades at 20.3× forward earnings against a peer median of 20.7× (11th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +6 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.8 points above its cost of capital (12.7% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥41.0B | CN¥28.4B | CN¥20.3B | CN¥16.5B | CN¥18.0B |
| Revenue growth | — | +39% | +23% | -8% | — |
| Gross profit | CN¥14.5B | CN¥7.41B | CN¥4.40B | CN¥3.10B | CN¥3.92B |
| EBITDA | n/a | CN¥5.05B | CN¥2.75B | CN¥2.04B | CN¥2.55B |
| Net income | CN¥7.62B | CN¥3.33B | CN¥1.74B | CN¥1.16B | CN¥1.53B |
| Free cash flow | CN¥4.91B | CN¥2.93B | CN¥554M | CN¥1.65B | CN¥1.30B |
| Capital expenditure | CN¥3.67B | CN¥2.38B | CN¥926M | CN¥1.11B | CN¥1.53B |
| Total debt | CN¥13.3B | CN¥6.82B | CN¥5.73B | CN¥4.97B | CN¥5.06B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Shengyi Technology 600183.SS | $25.7B | -8% | +56% | 22% | 20.3× | 20.5% |
| Shengyi Electronics 688183.SS | $7.95B | -44% | +46% | 21% | 19.4× | n/a |
| Kingboard Laminates 1888.HK | $12.2B | -26% | +32% | 21% | 10.8× | n/a |
| Nan Ya Plastic 1303.TW | $57.4B | +155% | +6% | 6% | 11.5× | n/a |
| Panasonic 6752.T | $44.5B | -6% | +4% | 8% | 13.5× | 9.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600183.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -46.5% | -7.1% | 2nd lowest of 21 |
| 6-month return | -7.9% | -27.0% | 4th highest of 21 |
| Distance from 52-week high | -63.3% | -35.5% | 3rd lowest of 21 |
| Revenue growth (TTM) | +56.2% | +18.8% | 3rd highest of 21 |
| Operating margin | 22.2% | 11.0% | 4th highest of 21 |
| Forward P/E | 20.3× | 20.7× | 11th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 20.5% | 15.7% | 7th most demanding of 14 |
| Growth delivered (Del g) | +14.1% | +13.4% | 7th highest of 14 |
| Hurdle (Req g minus delivered) | +6.3 pp | +4.0 pp | 6th most demanding of 14 |
| ROIC minus cost of capital | +7.8 pp | +3.6 pp | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shengyi Technology 600183.SS | China | $25.7B | -8% | +56% | 22% | 20.3× | 20.5% | +14.1% |
| Sungrow Power Supply 300274.SZ | China | $25.3B | -40% | -24% | 12% | 14.9× | 12.1% | +35.8% |
| Samsung Sdi 006400.KS | South Korea | $26.8B | -33% | +21% | 0% | 45.9× | n/a | n/a |
| NARI Technology 600406.SS | China | $28.6B | -8% | +12% | 13% | 21.7× | 2.5% | +11.4% |
| Hubbell HUBB | United States | $22.7B | -13% | +16% | 21% | 19.1× | 10.5% | +9.7% |
| Vestas Wind Systems A/S VWS.CO | Denmark | $31.0B | +8% | +10% | 7% | 21.3× | 0.5% | +4.9% |
| Fujikura 5803.T | Japan | $33.0B | -50% | +28% | 19% | 14.3× | 28.9% | +12.9% |
| Yangtze Optical Fibre & Cable Joint Stock 601869.SS | China | $19.8B | -32% | +68% | 34% | 23.8× | 15.7% | +11.6% |
| Prysmian PRY.MI | Italy | $33.9B | -35% | +17% | 8% | 20.2× | 13.1% | +14.4% |
| EVE Energy 300014.SZ | China | $17.0B | -28% | +51% | 6% | 15.5× | n/a | n/a |
| Rockwell Automation ROK | United States | $41.7B | -17% | +11% | 14% | 25.0× | 27.2% | +5.7% |
| Zangge Mining 000408.SZ | China | $15.5B | -26% | +35% | 51% | 12.5× | 22.0% | +13.4% |
| Bharat Heavy Electricals BHEL.NS | India | $15.4B | +3% | +29% | 9% | 41.2× | 44.1% | +14.6% |
| Ningbo Deye Technology 605117.SS | China | $15.3B | -26% | +71% | 27% | 17.3× | 7.9% | +32.1% |
| ABB India ABB.NS | India | $15.2B | -6% | +8% | 13% | 85.7× | 47.3% | +17.8% |
| Hengtong Optic-Electric 600487.SS | China | $14.9B | -38% | +21% | 9% | 11.8× | n/a | n/a |
| TBEA 600089.SS | China | $14.2B | -29% | +12% | 6% | 15.2× | n/a | n/a |
| Siemens SIEMENS.NS | India | $13.4B | -8% | -12% | 9% | 72.7× | n/a | n/a |
| Dongfang Electric 1072.HK | Hong Kong | $13.1B | -56% | +7% | 5% | 10.4× | n/a | n/a |
| CG Power & Industrial Solutions CGPOWER.NS | India | $12.9B | -10% | +24% | 12% | 72.3× | n/a | n/a |
| Ls Electric 010120.KS | South Korea | $12.8B | -58% | +32% | 10% | 31.6× | 21.9% | +15.6% |